Crypto Trader Lost $16 Million After Betting $17 Million On FRIEND Token

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As a seasoned crypto investor with over a decade of experience in this rollercoaster ride of a market, I can’t help but feel a mix of empathy and a dash of caution when reading about the unfortunate tale of Machi Big Brother. Losing $16 million is a staggering blow for anyone, especially someone who is well-respected in the crypto community.

Cryptocurrency has gained immense popularity among investors all around the world. The main reason behind this was the high growth potential in a wide range of cryptos, making it an industry of Trillions. However, despite that, not every trade turns into profit as volatility plays a big role in asset growth. Something profitable today may get into loss depending on various factors. A prime example of that is this one trader who has lost $16 Million after betting $17 Million on the FRIEND token.

Crypto Trader Lost $16 Million After FRIEND Collapsed

In less than ideal conditions for the crypto market, things took a turn for the worse when the Friend.Tech (FRIEND) team relinquished control over smart contracts. This move left investors bearing losses. Notably, a well-known and pseudonymous crypto trader, Machi Big Brother, who is also a prominent figure in the cryptocurrency community, reportedly lost approximately $16 million, according to a post on Lookonchain.

Machi Big Brother(@machibigbrother) spent ~5.2K $ETH($16.7M) to buy 11.1M $FRIEND, now worth only $0.7M!
He lost ~$16M on $FRIEND!
— Lookonchain (@lookonchain) September 9, 2024

According to the article, crypto investors have been backing these tokens for months and put in 5,200 ETH tokens worth about $16.7 Million, but unfortunately, those tokens turned out to be worthless. The trader also purchased approximately 11.1 million FRIEND Tokens, which subsequently crashed, leaving the investor with only $0.7M. This means the crypto trader lost a staggering $16 Million, despite being a well-known figure in the crypto world. This incident underscores the unpredictability of the cryptocurrency market.

Discussing unpredictability, it’s been reported that yet another TRON investor has amassed a fortune of $7 Million from a $298 initial investment. This serves as a testament to the fact that one crypto investor can reap millions, while others may face losses due to the volatile nature of market fluctuations.

Furthermore, it’s important to note that this wasn’t the first time Machi Big Brother invested in Friend.Tech. In fact, he started purchasing this token as early as May. However, by June, he had already lost approximately $7.9 Million from his total investment of $15.6 Million.

How Is FRIEND Token Performing Today?

According to previous Coingape reports, the decision by FriendTech to decentralize has resulted in a significant decrease (40%) in their token’s price. This price decline occurred following the team’s choice to relinquish control over smart contracts, which triggered a substantial bearish trend for their native token.

Crypto Trader Lost $16 Million After Betting $17 Million On FRIEND Token

Currently, the token’s value is plummeting due to a decline in shark activity, suggesting unstable price fluctuations. This trend isn’t just recent; it has been ongoing since the token was launched, with a staggering 93% decrease in value since May. Over the past week, the token has experienced an even more significant drop of 73%, currently trading at $0.08275 following a modest 4% recovery in recent hours. In today’s market, the worth of 11.1 million tokens held by crypto traders has been reduced to just 918K.

Final Thoughts

Following a 75% drop in value over the course of a week, a cryptocurrency trader saw approximately $16 million evaporate from his initial investment of $17 million. Interestingly, this same investor suffered another significant loss amounting to $7.9 million in June, regardless of his trading expertise. Currently, with the token priced at around $0.08275, the investor is left holding just 918,000 tokens, serving as a stark reminder of the unpredictable nature of the cryptocurrency market.

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2024-09-09 17:30